Which of the following best reproduces the legislative object stated in the Preamble of the Recovery of…
The long title establishes specialised adjudication and recovery for debts owed to banks and financial institutions. The 2016 amendment also added individual and partnership…
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Which of the following best reproduces the legislative object stated in the Preamble of the Recovery of Debts and Bankruptcy Act, 1993?
Answer and explanation
Correct answer B
The long title establishes specialised adjudication and recovery for debts owed to banks and financial institutions. The 2016 amendment also added individual and partnership insolvency and bankruptcy, without making the Tribunals ordinary civil courts or general customer-dispute forums. Corporate insolvency adjudication follows the IBC framework.